Despite the financial challenges created during the pandemics, Americans are finding a way to build a savings nest.
According to a new survey by Slickdeals, an online shopping platform, the average American has $17,135 deposited in either a savings or investment account. The survey, which polled 5,000 adults (100 from each state), found South Dakota residents had the highest average savings at $24,497, while West Virginia residents had the lowest average at $6,936.
Connecticut and New York residents were between the extremes at $12,823 and $16,609, respectively.
The survey found the main reasons behind this savings regimen included emergency funds (32%), retirement (31%) and the planned purchase of a new car (20%). Nearly six in 10 respondents (59%) said they were cutting back on their spending in order to build their savings, using such strategies as buying at discount prices and sales deals (45%) and ordering less takeout meals (44%).
“Cutting back on your spending does not always require drastically altering your lifestyle,” said Ryan Tronier, senior personal finance editor at Slickdeals. “Once saving money becomes a priority, you can start to make minor changes that start to add up over time.”
